Maybank IB projects Malaysia’s 3Q2024 GDP to grow 5.4%

KUALA LUMPUR (Nov 12): Maybank Investment Bank Bhd (Maybank IB) estimates that Malaysia’s gross domestic product (GDP) will grow by 5.4% year-on-year (y-o-y) in the third quarter of 2024 (3Q2024), slightly surpassing its advanced estimate (AE) of 5.3% y-o-y that was released on Oct 21, 2024.

In a note on Tuesday, the investment bank said that the real GDP growth estimate is driven by projections of stronger growth in the services sector at 5.6% y-o-y, compared to its AE’s 5.1% y-o-y.

“This estimate also aligns with the AE growth for the manufacturing (5.7% y-o-y) and construction (19.5% y-o-y) sectors.

“The projections also reflect lower growth than the AE for agriculture at 3.1% y-o-y, compared to the AE of 4.0% y-o-y, and mining to contract 4.5% y-o-y, against AE’s 3.4% contraction y-o-y,” it added.

Malaysia’s GDP for 3Q2024 is scheduled to be released this Thursday, Nov 14.